Varo valuation, funding and investors

Varo works in digital banking services, based in San Francisco, United States. Founded in 2015, it has about 406 employees.

Banks & ATMs San Francisco Series G

VALUATION · TODAY

$1.50B −17% after Series G

Range $979M – $2.28B · Grade B

TODAY

+12 MO

$1.00B

$2.00B

$3.00B

$4.00B

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Series B $45.0M

Series C $100M

Series D $241M

Growth $63.0M

Growth $510M

Series G $124M

ValuationBefore first round12-month outlook: where it points, how wide it fansHover the past: the outlook shows what was predicted then

HEADCOUNT · TODAY406 employees

−16%6m growth

−17%1y growth

−22%2y growth

250

500

750

Data from Jan 2021

TODAY

Predicted in 1 yr $1.25B −17% vs today

Predicted next raise $213M if a round comes

Winding-down probability 97%

Last round: Series G · $124M · Feb 2026
Valuation at last round: $1.55B · implied
Headcount: 406 · down
Grade: B
Founded: 2015

How VCMC values companies →

Varo valuation today

VCMC values Varo at $1.5B today, with a range of $979M to $2.3B and a grade of B. The valuation starts from its last funding round, a Series G round in Feb 2026.

Valuation by date (149 rows)

Each point is what the model would have shown on that date, using only what was known then; before its first round, a company is valued as a startup because it later raised.

Varo: valuation by date, as the model would have shown it on each date
Date	Valuation	Range	Predicted in 1 yr	Phase	Headcount	Trend	Grade	Winding-down probability
1 Jan 2015	$6.67M	$2.43M – $18.3M	$6.98M (+5%)	before first round	–	unknown	D	0%
1 Feb 2015	$6.69M	$2.44M – $18.4M	$7.01M (+5%)	before first round	–	unknown	D	0%
1 Mar 2015	$6.72M	$2.44M – $18.4M	$7.04M (+5%)	before first round	–	unknown	D	0%
1 Apr 2015	$6.74M	$2.45M – $18.5M	$7.07M (+5%)	before first round	–	unknown	D	0%
1 May 2015	$6.77M	$2.46M – $18.6M	$7.09M (+5%)	before first round	–	unknown	D	0%
1 Jun 2015	$6.80M	$2.47M – $18.7M	$7.12M (+5%)	before first round	–	unknown	D	0%
1 Jul 2015	$6.82M	$2.48M – $18.7M	$7.15M (+5%)	before first round	–	unknown	D	0%
1 Aug 2015	$6.85M	$2.49M – $18.8M	$7.33M (+7%)	before first round	–	unknown	D	0%
1 Sep 2015	$6.88M	$2.50M – $18.9M	$7.53M (+10%)	before first round	–	unknown	D	0%
1 Oct 2015	$6.90M	$2.51M – $19.0M	$7.73M (+12%)	before first round	–	unknown	D	0%
1 Nov 2015	$6.93M	$2.52M – $19.0M	$7.94M (+15%)	before first round	–	unknown	D	0%
1 Dec 2015	$6.96M	$2.53M – $19.1M	$8.15M (+17%)	before first round	–	unknown	D	0%
1 Jan 2016	$6.98M	$2.54M – $19.2M	$8.37M (+20%)	before first round	–	unknown	D	0%
1 Feb 2016	$7.01M	$2.55M – $19.3M	$8.60M (+23%)	before first round	–	unknown	D	0%
1 Mar 2016	$7.04M	$2.56M – $19.3M	$8.82M (+25%)	before first round	–	unknown	D	0%
1 Apr 2016	$7.07M	$2.57M – $19.4M	$9.06M (+28%)	before first round	–	unknown	D	0%
1 May 2016	$7.09M	$2.58M – $19.5M	$9.29M (+31%)	before first round	–	unknown	D	0%
1 Jun 2016	$7.12M	$2.59M – $19.6M	$9.55M (+34%)	before first round	–	unknown	D	0%
1 Jul 2016	$7.15M	$2.60M – $19.6M	$9.80M (+37%)	before first round	–	unknown	D	0%
1 Aug 2016	$7.34M	$2.67M – $20.2M	$10.1M (+37%)	before first round	–	unknown	D	0%
1 Sep 2016	$7.54M	$2.74M – $20.7M	$10.3M (+37%)	before first round	–	unknown	D	0%
1 Oct 2016	$7.74M	$2.82M – $21.3M	$10.6M (+37%)	before first round	–	unknown	D	0%
1 Nov 2016	$7.95M	$2.89M – $21.8M	$10.9M (+37%)	before first round	–	unknown	D	0%
1 Dec 2016	$8.16M	$2.97M – $22.4M	$11.2M (+37%)	before first round	–	unknown	D	0%
1 Jan 2017	$8.37M	$3.05M – $23.0M	$11.5M (+37%)	before first round	–	unknown	D	0%
1 Feb 2017	$8.60M	$3.13M – $23.6M	$11.8M (+37%)	before first round	–	unknown	D	0%
1 Mar 2017	$8.81M	$3.21M – $24.2M	$12.1M (+37%)	before first round	–	unknown	D	0%
1 Apr 2017	$9.05M	$3.29M – $24.9M	$12.4M (+37%)	before first round	–	unknown	D	0%
1 May 2017	$9.29M	$3.38M – $25.5M	$12.7M (+37%)	before first round	–	unknown	D	0%
1 Jun 2017	$9.54M	$3.47M – $26.2M	$13.1M (+37%)	before first round	–	unknown	D	0%
1 Jul 2017	$9.79M	$3.56M – $26.9M	$13.4M (+37%)	before first round	–	unknown	D	0%
1 Aug 2017	$10.1M	$3.66M – $27.6M	$13.8M (+37%)	before first round	–	unknown	D	0%
1 Sep 2017	$10.3M	$3.76M – $28.4M	$14.2M (+37%)	before first round	–	unknown	D	0%
1 Oct 2017	$10.6M	$3.86M – $29.1M	$14.5M (+37%)	before first round	–	unknown	D	0%
1 Nov 2017	$10.9M	$3.96M – $29.9M	$14.9M (+37%)	before first round	–	unknown	D	0%
1 Dec 2017	$11.2M	$4.07M – $30.7M	$15.3M (+37%)	before first round	–	unknown	D	0%
1 Jan 2018	$11.5M	$4.18M – $31.5M	$15.7M (+37%)	before first round	–	unknown	D	0%
19 Jan 2018	$322M	$211M – $734M	$482M (+50%)	after a round	–	unknown	C	0%
1 Feb 2018	$326M	$211M – $734M	$482M (+48%)	after a round	–	unknown	C	0%
1 Mar 2018	$337M	$211M – $734M	$482M (+43%)	after a round	–	unknown	C	0%
1 Apr 2018	$349M	$211M – $734M	$482M (+38%)	after a round	–	unknown	C	0%
1 May 2018	$360M	$211M – $734M	$482M (+34%)	after a round	–	unknown	C	0%
1 Jun 2018	$373M	$211M – $734M	$482M (+29%)	after a round	–	unknown	C	0%
1 Jul 2018	$386M	$211M – $734M	$482M (+25%)	after a round	–	unknown	C	0%
1 Aug 2018	$399M	$211M – $734M	$482M (+21%)	after a round	–	unknown	C	0%
1 Sep 2018	$413M	$211M – $734M	$482M (+17%)	after a round	–	unknown	C	0%
1 Oct 2018	$427M	$211M – $734M	$482M (+13%)	after a round	–	unknown	C	0%
1 Nov 2018	$442M	$211M – $734M	$482M (+9%)	after a round	–	unknown	C	0%
1 Dec 2018	$457M	$211M – $734M	$482M (+6%)	after a round	–	unknown	C	0%
1 Jan 2019	$473M	$211M – $734M	$482M (+2%)	after a round	–	unknown	C	0%
1 Feb 2019	$482M	$207M – $734M	$482M (0%)	after a round	–	unknown	C	0%
1 Mar 2019	$482M	$199M – $734M	$482M (0%)	after a round	–	unknown	C	0%
1 Apr 2019	$482M	$190M – $734M	$482M (0%)	after a round	–	unknown	C	0%
1 May 2019	$482M	$182M – $734M	$482M (0%)	after a round	–	unknown	C	0%
1 Jun 2019	$482M	$175M – $734M	$482M (0%)	after a round	–	unknown	C	0%
1 Jul 2019	$482M	$167M – $734M	$482M (0%)	after a round	–	unknown	C	0%
17 Jul 2019	$775M	$546M – $1.4B	$1.0B (+30%)	after a round	–	unknown	B	0%
1 Aug 2019	$784M	$546M – $1.4B	$1.0B (+29%)	after a round	–	unknown	B	0%
1 Sep 2019	$802M	$546M – $1.4B	$1.0B (+26%)	after a round	–	unknown	B	0%
1 Oct 2019	$819M	$546M – $1.4B	$1.0B (+23%)	after a round	–	unknown	B	0%
1 Nov 2019	$837M	$546M – $1.4B	$1.0B (+20%)	after a round	–	unknown	B	0%
1 Dec 2019	$856M	$546M – $1.4B	$1.0B (+18%)	after a round	–	unknown	B	0%
1 Jan 2020	$875M	$546M – $1.4B	$1.0B (+15%)	after a round	–	unknown	B	0%
1 Feb 2020	$895M	$546M – $1.4B	$1.0B (+13%)	after a round	–	unknown	B	0%
1 Mar 2020	$913M	$546M – $1.4B	$1.0B (+10%)	after a round	–	unknown	B	0%
1 Apr 2020	$934M	$546M – $1.4B	$1.0B (+8%)	after a round	–	unknown	B	0%
1 May 2020	$954M	$546M – $1.4B	$1.0B (+6%)	after a round	–	unknown	B	0%
1 Jun 2020	$976M	$546M – $1.4B	$1.0B (+3%)	after a round	–	unknown	B	0%
4 Jun 2020	$2.0B	$1.4B – $3.8B	$2.7B (+30%)	after a round	–	unknown	B	0%
1 Jul 2020	$2.1B	$1.4B – $3.8B	$2.7B (+27%)	after a round	–	unknown	B	0%
1 Aug 2020	$2.1B	$1.4B – $3.8B	$2.7B (+25%)	after a round	–	unknown	B	0%
1 Sep 2020	$2.2B	$1.4B – $3.8B	$2.7B (+22%)	after a round	–	unknown	B	0%
1 Oct 2020	$2.2B	$1.4B – $3.8B	$2.7B (+19%)	after a round	–	unknown	B	0%
1 Nov 2020	$2.3B	$1.4B – $3.8B	$2.7B (+17%)	after a round	–	unknown	B	0%
1 Dec 2020	$2.3B	$1.4B – $3.8B	$2.7B (+14%)	after a round	–	unknown	B	0%
1 Jan 2021	$2.4B	$1.4B – $3.8B	$2.7B (+12%)	after a round	320	unknown	B	0%
1 Feb 2021	$2.4B	$1.4B – $3.8B	$2.7B (+9%)	after a round	320	unknown	B	0%
19 Feb 2021	$700M	$460M – $1.2B	$770M (+10%)	after a round	320	unknown	B	0%
1 Mar 2021	$702M	$460M – $1.2B	$770M (+10%)	after a round	320	unknown	B	0%
1 Apr 2021	$708M	$460M – $1.2B	$770M (+9%)	after a round	320	flat	B	0%
1 May 2021	$713M	$460M – $1.2B	$770M (+8%)	after a round	320	flat	B	0%
1 Jun 2021	$719M	$460M – $1.2B	$770M (+7%)	after a round	320	flat	B	0%
1 Jul 2021	$725M	$460M – $1.2B	$770M (+6%)	after a round	320	flat	B	0%
1 Aug 2021	$731M	$460M – $1.2B	$770M (+5%)	after a round	320	flat	B	0%
1 Sep 2021	$737M	$460M – $1.2B	$770M (+5%)	after a round	320	flat	B	0%
10 Sep 2021	$2.5B	$2.2B – $3.2B	$2.8B (+10%)	after a round	320	flat	A	0%
1 Oct 2021	$2.5B	$2.2B – $3.2B	$2.8B (+9%)	after a round	320	flat	A	0%
1 Nov 2021	$2.5B	$2.2B – $3.2B	$2.8B (+8%)	after a round	320	flat	A	0%
1 Dec 2021	$2.6B	$2.2B – $3.2B	$2.8B (+8%)	after a round	320	flat	A	0%
1 Jan 2022	$2.6B	$2.2B – $3.2B	$2.8B (+7%)	after a round	320	flat	A	0%
1 Feb 2022	$2.6B	$2.2B – $3.2B	$2.8B (+6%)	after a round	320	flat	A	0%
1 Mar 2022	$2.6B	$2.2B – $3.2B	$2.8B (+5%)	after a round	320	flat	A	0%
1 Apr 2022	$2.8B	$2.2B – $3.6B	$3.2B (+11%)	after a round	600	growing	A	0%
1 May 2022	$2.9B	$2.2B – $3.6B	$3.2B (+9%)	after a round	600	growing	A	0%
1 Jun 2022	$3.0B	$2.2B – $3.6B	$3.2B (+7%)	after a round	600	growing	A	0%
1 Jul 2022	$3.0B	$2.2B – $3.6B	$3.2B (+5%)	after a round	600	growing	A	0%
1 Aug 2022	$3.1B	$2.2B – $3.6B	$3.2B (+3%)	after a round	600	growing	A	0%
1 Sep 2022	$3.1B	$2.2B – $3.6B	$3.2B (+1%)	after a round	600	growing	A	0%
1 Oct 2022	$3.2B	$2.2B – $3.6B	$3.2B (0%)	after a round	600	growing	A	0%
1 Nov 2022	$3.2B	$2.0B – $3.6B	$3.2B (0%)	after a round	600	unknown	A	0%
1 Dec 2022	$3.2B	$2.0B – $3.6B	$3.2B (0%)	after a round	600	unknown	B	0%
1 Jan 2023	$3.0B	$1.9B – $3.5B	$2.8B (-5%)	after a round	580	flat	B	17%
1 Feb 2023	$3.0B	$1.8B – $3.5B	$2.8B (-5%)	after a round	580	flat	B	17%
1 Mar 2023	$3.0B	$1.7B – $3.5B	$2.8B (-6%)	after a round	580	flat	B	17%
1 Apr 2023	$3.0B	$1.7B – $3.5B	$2.8B (-6%)	after a round	580	flat	B	17%
1 May 2023	$2.9B	$1.6B – $3.5B	$2.8B (-6%)	after a round	580	flat	B	17%
1 Jun 2023	$2.9B	$1.5B – $3.5B	$2.7B (-6%)	after a round	580	flat	B	17%
1 Jul 2023	$2.9B	$1.5B – $3.6B	$2.7B (-7%)	after a round	580	flat	B	17%
1 Aug 2023	$2.9B	$1.4B – $3.6B	$2.7B (-7%)	after a round	580	flat	B	17%
1 Sep 2023	$2.9B	$1.4B – $3.6B	$2.7B (-7%)	after a round	580	flat	B	17%
1 Oct 2023	$2.6B	$1.3B – $3.5B	$2.2B (-16%)	after a round	560	flat	B	34%
1 Nov 2023	$2.6B	$1.2B – $3.5B	$2.2B (-16%)	after a round	560	flat	B	32%
1 Dec 2023	$2.6B	$1.2B – $3.5B	$2.2B (-15%)	after a round	560	flat	B	29%
1 Jan 2024	$2.6B	$1.1B – $3.5B	$2.2B (-15%)	after a round	560	flat	B	27%
1 Feb 2024	$2.7B	$1.1B – $3.6B	$2.3B (-15%)	after a round	560	flat	C	25%
1 Mar 2024	$2.4B	$1.0B – $3.5B	$2.0B (-19%)	after a round	540	flat	C	35%
1 Apr 2024	$2.4B	$956M – $3.5B	$1.9B (-20%)	after a round	540	flat	C	35%
1 May 2024	$2.4B	$910M – $3.5B	$1.9B (-20%)	after a round	540	flat	C	35%
1 Jun 2024	$2.4B	$865M – $3.5B	$1.9B (-21%)	after a round	540	flat	C	35%
1 Jul 2024	$2.1B	$820M – $3.5B	$1.6B (-25%)	after a round	530	flat	C	46%
1 Aug 2024	$2.1B	$776M – $3.5B	$1.6B (-25%)	after a round	520	flat	C	42%
1 Sep 2024	$2.2B	$738M – $3.5B	$1.7B (-24%)	after a round	520	flat	C	39%
1 Oct 2024	$2.1B	$702M – $3.3B	$1.7B (-18%)	after a round	520	flat	C	36%
1 Nov 2024	$2.0B	$667M – $3.2B	$1.6B (-18%)	after a round	520	flat	C	39%
1 Dec 2024	$2.0B	$635M – $3.2B	$1.6B (-18%)	after a round	520	flat	C	39%
1 Jan 2025	$1.9B	$604M – $3.2B	$1.6B (-17%)	after a round	520	flat	C	39%
1 Feb 2025	$1.9B	$574M – $3.1B	$1.6B (-17%)	after a round	520	flat	C	39%
1 Mar 2025	$1.9B	$548M – $3.1B	$1.6B (-17%)	after a round	520	flat	C	39%
1 Apr 2025	$1.8B	$521M – $3.1B	$1.5B (-16%)	after a round	520	flat	C	39%
1 May 2025	$1.9B	$496M – $3.1B	$1.6B (-15%)	after a round	520	flat	C	36%
1 Jun 2025	$1.9B	$471M – $3.1B	$1.6B (-13%)	after a round	520	flat	C	33%
1 Jul 2025	$1.6B	$443M – $3.0B	$1.3B (-16%)	after a round	493	flat	C	45%
1 Aug 2025	$1.5B	$421M – $2.9B	$1.2B (-16%)	after a round	490	flat	C	48%
1 Sep 2025	$1.4B	$400M – $2.9B	$1.2B (-14%)	after a round	490	flat	C	48%
1 Oct 2025	$1.5B	$381M – $3.1B	$1.3B (-14%)	after a round	490	flat	D	44%
1 Nov 2025	$1.5B	$361M – $3.1B	$1.3B (-12%)	after a round	485	flat	D	44%
1 Dec 2025	$1.5B	$343M – $3.1B	$1.3B (-11%)	after a round	485	flat	D	44%
1 Jan 2026	$1.5B	$326M – $3.1B	$1.3B (-10%)	after a round	485	flat	D	44%
1 Feb 2026	$1.5B	$310M – $3.1B	$1.4B (-7%)	after a round	485	flat	D	40%
3 Feb 2026	$1.5B	$1.0B – $2.8B	$1.8B (+18%)	after a round	485	flat	B	36%
1 Mar 2026	$1.6B	$1.0B – $2.8B	$1.8B (+16%)	after a round	485	flat	B	36%
1 Apr 2026	$1.6B	$1.0B – $2.8B	$1.8B (+13%)	after a round	485	flat	B	36%
1 May 2026	$1.6B	$1.0B – $2.8B	$1.8B (+11%)	after a round	485	flat	B	36%
1 Jun 2026	$1.5B	$989M – $2.4B	$1.5B (-2%)	after a round	426	down	B	75%
1 Jul 2026	$1.6B	$989M – $2.4B	$1.5B (-4%)	after a round	426	down	B	75%
1 Aug 2026	$1.5B	$984M – $2.4B	$1.4B (-10%)	after a round	417	down	B	88%
1 Sep 2026	$1.5B	$984M – $2.4B	$1.4B (-12%)	after a round	417	down	B	88%
1 Oct 2026	$1.5B	$979M – $2.3B	$1.3B (-15%)	after a round	406	down	B	97%
24 Oct 2026	$1.5B	$979M – $2.3B	$1.2B (-17%)	after a round	406	down	B	97%

Key facts about Varo

Founded: 2015
Headquarters: San Francisco, United States
Employees: about 406 -16% in a year
Total raised: $1.08B
Funding rounds: 6
Last round: Series G Feb 2026

Varo was founded in 2015 by Colin Walsh.

Varo funding history

Varo has 6 funding rounds on record, from Jan 2018 to Feb 2026, $1.08B in total. The latest disclosed valuation is $2.50B post-money (Growth Equity, Sep 2021).

Series G 2 Feb 2026
Led by Warburg Pincus, Coliseum Capital Management, LLC; with Northview.
Sources: finsmes.com, finovate.com, fintechfutures.com and 5 more
$124M
Growth Equity 9 Sep 2021
Led by Lone Pine Capital; with Declaration Partners, Eldridge, Marshall Wace, Berkshire Partners, Stockbridge, BlackRock, Warburg Pincus, TPG, Gallatin Point Capital, HarbourVest.
Sources: finsmes.com, techcrunch.com, paymentandbanking.com and 1 more
$510M
$2.50B post-money
Growth Equity 18 Feb 2021
Led by Russell Westbrook Enterprises.
Sources: mg21.com, cnbc.com, prnewswire.com
$63M
Series D 3 Jun 2020
Led by Gallatin Point Capital, TPG; with HarbourVest, Progressive Insurance.
Sources: prnewswire.com, gallatinpoint.com, techcrunch.com and 5 more
$241M
Series C 16 Jul 2019
Led by Warburg Pincus, TPG, Gopher Asset Management; with Gaingels.
Sources: mg21.com, 77spider.substack.com
$100M
Series B 18 Jan 2018
Led by TPG, Warburg Pincus; with Manatt Venture Fund.
Sources: mg21.com, pymnts.com, tpg.com and 2 more
$45M

Varo investors

19 investors have backed Varo; TPG, Warburg Pincus and Coliseum Capital Management, LLC and 4 more led at least one round.

TPG lead, 4 rounds
Warburg Pincus lead, 4 rounds
Coliseum Capital Management, LLC lead
Gallatin Point Capital lead
Gopher Asset Management lead
Lone Pine Capital lead
HarbourVest 2 rounds
BlackRock
Eldridge
Gaingels
Manatt Venture Fund
Marshall Wace
Northview
Progressive Insurance
Stockbridge

What Varo does

Varo works in banks & ATMs, with 9 recorded offerings and customers in financial services.

Varo Bank, N.A. is an American financial institution that operates as a digital bank and neobank. The company provides digital banking services, including checking and savings accounts, cash advances, personal lines of credit, and credit card products. Varo also offers financial literacy programs and community engagement initiatives. The company is FDIC-insured and operates primarily in the United States.

Description from Veridion's company data.

Products and services

Digital Banking Services
High-Yield Savings Account Services
No-Fee Checking Account Services
Cash Advance Services
Personal Line of Credit Services
Credit Building Credit Card Services
Mobile Banking Application Development
Financial Inclusion Solutions
Financial Literacy Education Services

Markets

Financial Services

Certifications

OCC certified
FDIC insured

Business model

Business-to-Consumer

Industry codes (NAICS)

522110 Commercial Banking 100% match

Questions about Varo

What is Varo worth?

Valuation $1.5B (range $979M to $2.3B), as of 24 Oct 2026. The last disclosed valuation was $2.50B (Growth Equity, Sep 2021).

Has Varo raised money?

Varo has 6 funding rounds on record, from Jan 2018 to Feb 2026, $1.08B in total. The latest disclosed valuation is $2.50B post-money (Growth Equity, Sep 2021).

Who has invested in Varo?

TPG, Warburg Pincus, Coliseum Capital Management, LLC, Gallatin Point Capital, Gopher Asset Management and Lone Pine Capital, and 13 more. Lead investors include TPG, Warburg Pincus, Coliseum Capital Management, LLC and Gallatin Point Capital.

How many people work at Varo?

About 406, down 16% over the last year. Headcount rose from 320 in Jan 2021 to 600 in Apr 2022, then fell to 406 in Sep 2026.

What does Varo do?

Varo works in banks & ATMs, with 9 recorded offerings and customers in financial services. Its main offerings are digital banking services, high-yield savings account services and no-fee checking account services.

When was Varo founded, and where is it based?

Varo was founded in 2015 and is based in San Francisco, United States. It has about 406 employees, down 16% over the last year.

How we value companies Report an issue

Varo valuation, funding and investors

Varo valuation today

Key facts about Varo

Varo funding history

Series G 2 Feb 2026

Growth Equity 9 Sep 2021

Growth Equity 18 Feb 2021

Series D 3 Jun 2020

Series C 16 Jul 2019

Series B 18 Jan 2018